TOP CORPORATE NEWS – 23 OCTOBER 2019

CORPORATE NEWS

HDFC Life posts 7.3% yoy growth in PAT for Sep quarter.

HDFC Life’s PAT in Q2FY20 rose 7.3% yoy to Rs309cr from Rs288cr in the year ago period.
Key Highlights for H1:2019
Ranked #1 in total new business premium
Industry leading NBM of 27.5%
Solid Operating return on EV of 19.6%
Term APE growth of 43%
Healthy PAT Growth of 10%
Private Market Share: The Company expanded its market share in the private sector to 15.2% based on Individual WRP, on the back of yoy growth of 35%. New Business Lives and Sum Assured: Total number of lives covered increased to 2.9 Crs in H1FY20, growing by 33%. Overall new business sum assured also saw an increase of 68% to Rs 4.4 lakh cr during the same period.

Bajaj Auto reports 22% yoy rise in net profit.

Bajaj Auto’s net profit increased by 22% to Rs1,402cr in Q2FY20 led by a tax expense reversal of Rs182cr due to the recent lowering of the corporate tax rate. However, the company revenue fell by 4% to Rs7, 707.3cr in the second quarter of the current financial year.
Tax expenses also declined to Rs206.49cr in Q2FY20 over Rs500.17cr in Q2FY19. Q2 was a difficult quarter for the domestic motorcycle industry. In retail terms, the decline was 14% (in billing terms, the decline was 21%) as against Q2FY19.

Dr. Reddys confirms voluntary nationwide recall of all Ranitidine products in the US Market.

Dr. Reddy’s Laboratories confirmed on Wednesday that it had initiated a voluntary nationwide recall on October 1, 2019, (at the retail level for over-the-counter products and at the consumer level for prescription products) of all of its ranitidine medications sold in the US due to confirmed contamination with NNitrosodimethylamine (NDMA) above levels established by the FDA. This recall follows the USFDA’s caution note alerting patients and health care professionals that NDMA was found in certain samples of ranitidine. To date, Dr. Reddy’s has not received any reports of adverse events related to the recall of Dr. Reddy’s Ranitidine products. The recall includes all quantities in the US that are within expiry.

Strides Pharma receives zero 483 observations for Alathur facility.

Strides Pharma informed the exchanges on Wednesday that its formulations facility in Alathur, India, was inspected by the USFDA in August 2019. The facility has received the Establishment Inspection Report (EIR), thereby confirming the successful closure of the inspections. The inspection conducted in August 2019 had concluded with Zero 483 observations.

L&T Hydrocarbon wins mega order from HPCL.

L&T Hydrocarbon Engineering Limited (LTHE), a wholly-owned subsidiary of Larsen & Toubro, has been awarded a mega project by Hindustan Petroleum Corporation Limited (HPCL). The company won mega order of Rs7, 000cr.
The engineering, procurement, construction and commissioning (EPCC) contract is for setting up a Residue Upgradation Facility (RUF), EPCC-03 Package for Visakh Refinery Modernisation Project (VRMP) at HPCL’s Vizag Refinery. The RUF plant is licensed by Chevron Lummus Global (CLG) with a capacity of 3.55 MMTPA.

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